I just got a 1099-INT statement from Chase (formerly Washington Mutual) showing the interest my online CD accounts earned in 2008.
Now, I opened these accounts in October of 2008 with a 12 month maturity. Which means, while my account is in-fact accruing interest, I won’t be able to touch that money until October of 2009. Which to me means that it isn’t income yet. This is further evidenced by the fact that if I were to close the accounts I would lose all accrued interest and pay fees.
So. My question is why the hell did they send me a 1099? I am not going to report this as income on my 2008 return.